Wal-Mart Stores, Inc. announced that its board of directors has elected Mike Duke, 58, to succeed Lee Scott as president and CEO, effective Feb. 1, 2009. Duke was also elected to the company’s board of directors, effective immediately. Scott will continue serving as chairman of the executive committee of the board.

“Mike Duke is a highly respected executive, both domestically and internationally, with broad experience throughout the company, having successfully led Wal-Mart’s logistics division, U.S. operations and international operations,” said Rob Walton, chairman of the Wal-Mart board of directors. “He understands retail and appreciates the complex global environment in which we operate. He is committed to the culture of Wal-Mart, its mission, and to our associates and customers. He has built strong teams wherever he has led.”

“I am looking forward to leading this great company,” Duke said. “Wal-Mart is very well positioned in today’s economy, growing market share and returns, and is more relevant to its customers than ever. Our strategy is sound and our management team is extremely capable. I am confident we will continue to deliver value to our shareholders, increase opportunity for our over 2 million associates, and help our 180 million customers around the world save money and live better.”

“Lee Scott has made an extraordinary contribution to Wal-Mart during his almost thirty years of service as an associate, and as our president and CEO for the last nine years,” Walton said. "Lee has led Wal-Mart with humility and grace, and has been a worthy successor to his predecessors, Sam Walton and David Glass.”

The board also approved the promotion of Eduardo Castro-Wright, 53, to vice chairman of Wal-Mart Stores, Inc., effective immediately. In addition to his current responsibilities as president and CEO of Walmart U.S., Castro-Wright will assume management responsibility for the company’s Global Procurement operation.

“This management change occurs at a time of strength and momentum for Wal-Mart,” said Walton. “Our overall management team has never been stronger. We are confident that the strategy we have in place is the right one for future success and Mike has been actively involved in developing and executing this strategy. We are also pleased that our succession and management development process continues to develop leaders internally.”

The company indicated that it plans to make an announcement on Duke’s successor as president of Wal-Mart International by the end of the fiscal year.